Posted on: 12th Apr, 2012 09:36 am
Last year I lost my home to foreclosure and moved in with my soon to be wife. Actually we got married and lost the home in the same month. I moved in with her to help prevent her from loosing her home as well. She had been out of a steady job for few years at that time and last year started her own business. Her mortgage is still an ARM loan which has proven to be a good thing lately but I know rates will go back up. What can we do to refi her loan. I am not on the loan or the house yet and it is still under her maiden name.
Was her ARM loan in foreclosure as well as the loan on your home?
What state is the property in?
Need to know if it is a community property state
What state is the property in?
Need to know if it is a community property state
It's an extremely broad topic; after all, there are so many possibilities for homeowners to begin the process of financial recovery or make a fresh start or attempt to get their house back or qualify for a new house. How one family will respond to saving their house or losing it will be entirely dependent on their circumstances and the particulars of their experience with foreclosure, and any specific advice may be too narrow to apply to all cases.
:idea:
:idea:
he loan is current. it was just my home we lost. we want to get out of her ARM and get a fixed loan but I am not sure if we can with her not having a long term job abd my foreclosure.
Hi klw,
You can add your name to the property by asking her to sign a quitclaim deed. However, it will be difficult for you to add your name to the mortgage and get the ARM converted into FRM as both of you have major negative items mentioned in your credit reports.
You can add your name to the property by asking her to sign a quitclaim deed. However, it will be difficult for you to add your name to the mortgage and get the ARM converted into FRM as both of you have major negative items mentioned in your credit reports.